Debt Exchange: Christian Council Demands Immediate Suspension Of Programme To Allow For Broader Consultations

• The Christian Council of Ghana is demanding the immediate suspension of the Domestic Debt Exchange programme
• The council says it is of the firm view that the programme needs to be halted till broader stakeholder engagements
• The demands come on the back of widespread agitations by individual bondholders after they were included in the programme

The Christian Council of Ghana has become the latest group in the country to add its voice of opposition to the Domestic Debt Exchange programme.

The council wants the Akufo-Addo-led government to put an immediate halt to the rollout of the programme.

Embark On Broader Consultations Before Rolling Out Domestic Debt Exchange Programme - Christian Council

According to the Christian Council, this should be done till broader consultations and engagement have taken place.

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In a statement, the Christian Council said it took that position after it held several rounds of discussions with some stakeholders on Ghana’s economy.

“With the current economic hardships in the country and the agitations among the general public, it is in the nation’s interest for the Finance Ministry to suspend the 31St January deadline given to individuals to sign on to the program and rather propose a road map for dialogue to make the process participatory such that the outcome would be acceptable to all.”

Some netizens have taken to social media to share their perspectives on the statement by the Christian Council of Ghana, some of which have been compiled by YEN.com.gh.

@BBSimons

Ghana's largest faith organisation, the Christian Council, has asked the govt to suspend the debt restructuring exercise & resume only after extensive consultations. The govt seriously misjudged the political economy of the whole enterprise, which has now lost social legitimacy.

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@traders_ace1

They finally spoke only when it’s going affect their money. The money coming in and as most of them have investments in the bonds. Why have they been silent about many issues happening in the nation? Cathedral confusion all they’re quiet. As touched money naa they respond. Hmmm!!

@Kwesi_jon

So when the debt exchange programme affected them, they’ve found their voices?! They should NOT hide behind this charade of having the public interest at heart. Smh ‍♂️

Since its announcement last month, the domestic debt exchange programme has faced huge opposition from organized labour, individual bondholders, the minority in Parliament and well-meaning Ghanaians.

The labour groups which had their pension funds being earmarked under the programme successfully managed to get an exemption, leaving the government with no option but to turn to individual bondholders.

That category of persons has also mounted spirited resistance to their inclusion in the programme, arguing it will further impoverish them.

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Domestic Debt Exchange: Ken Ofori-Atta Insists Scrapping Programme Is Not An Option

Earlier, YEN.com.gh reported that the government had in the strongest of terms indicated that it has no plans of scrapping the Domestic Debt Exchange programme.

According to the Minister of Finance, Ken Ofori-Atta, ditching the programme is not an option as there is no credible alternative.

Speaking to Accra-based Joy News, Ofori-Atta assured that the concerns of the individual bondholders and pensioners will be factored in and taken on board.

Source: YEN.com.gh